奥飞娱乐股份有限公司 关于开展2025年度远期外汇套期保值业务的可行性分析报告 一、开展外汇套期保值业务的目的和必要性 公司海外业务主要采用美元、欧元、韩元等外币进行结算，因此当汇率出现 较大波动时，汇兑损益对公司的经营业绩会造成较大影响。为有效规避和防范外 汇市场风险，防止汇率大幅波动对公司生产经营造成不利影响，公司（包括合并 报表范围内的子公司，下同）拟与具有相应外汇套期保值业务经营资格的金融机 构开展外汇套期保值业务。 公司从事外汇套期保值业务主要目的是充分利用外汇工具的套期保值功能， 降低汇率波动对公司的影响，使公司专注于生产经营，在汇率发生大幅波动时， 公司仍将保持一个稳定的利润水平。 二、公司开展套期保值业务的情况概述 （一）开展外汇套期保值业务的交易金额 公司拟开展远期外汇套期保值业务预计动用的交易保证金和权利金上限 (包括为交易而提供的担保物价值、预计占用的金融机构授信额度、为应急措施 所预留的保证金等)不超过 3,000 万元人民币(或等值外币)，期限内任一时点的 交易金额（含前述投资的收益进行再投资的相关金额）不超过 5.5 亿元人民币 （或等值外币）。 董事会授权公司管理层全权代表公司在 ...

证券代码：002292 证券简称：奥飞娱乐 公告编号：2024-047 奥飞娱乐股份有限公司 第六届董事会第十四次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 一、 董事会会议召开情况 （二）会议以 7 票同意，0 票反对，0 票弃权审议通过了《关于开展 2025 年度远期外汇套 期保值业务的议案》。 详见同日刊登在巨潮资讯网（www.cninfo.com.cn）、《证券时报》、《中国证券报》、《证券 日报》、《上海证券报》的《关于开展 2025 年度远期外汇套期保值业务的公告》（公告编号： 2024-046）。公司独立董事召开专门会议并发表审核意见，详见同日刊登在巨潮资讯网 （www.cninfo.com.cn）的相关公告。 奥飞娱乐股份有限公司（以下简称"公司"）第六届董事会第十四次会议于 2024 年 12 月 3 日下午 14：00 在公司会议室以现场和通讯表决方式召开，其中蔡东青、蔡晓东、苏江锋、蔡 嘉贤以通讯方式参与会议。会议通知于 2024 年 11 月 29 日以短信、电子邮件等方式送达。本 次会议应出席董事 7 人，实际出席会 ...

证券代码：002292 证券简称：奥飞娱乐 公告编号：2024-046 奥飞娱乐股份有限公司 关于开展2025年度远期外汇套期保值业务的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 重要内容提示： 1、基本情况：为有效规避和防范外汇市场风险，防止汇率大幅波动对公司生产经营造成 不利影响，公司（包括合并报表范围内的子公司）拟与具有相应外汇套期保值业务经营资格的 金融机构开展外汇套期保值业务。公司的外汇套期保值业务只限于从事与公司生产经营所使用 的主要结算货币相同的币种，主要外币币种有美元、欧元、韩元等。公司进行的外汇套期保值 业务包括但不限于外汇远期、结构性远期、外汇掉期、外汇期权、利率掉期等业务。公司拟开 展远期外汇套期保值业务预计动用的交易保证金和权利金上限不超过 3,000 万元人民币(或等 值外币)，期限内任一时点的交易金额（含前述投资的收益进行再投资的相关金额）不超过 5.5 亿元人民币（或等值外币）。 2、审议程序：公司于 2024 年 12 月 3 日召开第六届董事会第十四次会议，审议通过了《关 于开展 2025 年度远期外汇套期保值业务的 ...

根据《公司法》《深圳证券交易所股票上市规则》《深圳证券交易所上市公司自律监管指引 第 1 号——主板上市公司规范运作》《公司章程》及《独立董事制度》等有关规定，奥飞娱乐 股份有限公司（以下简称"公司"）于 2024 年 12 月 3 日以现场会议方式召开第六届董事会独 立董事专门会议 2024 年第五次会议。本次会议应到独立董事 3 人，实到独立董事 3 人，全体 独立董事共同推举刘娥平女士主持本次会议。 与会独立董事认真审核相关材料，基于独立判断的立场，发表审核意见如下： 一、关于对《申请金融机构授信额度及为全资子公司、孙公司提供担保的议案》的审核意 见 经核查，公司本次向金融机构申请总计不超过人民币 12 亿元或等值外币的授信额度，是 为了保证流动资金周转及生产经营的正常运作，满足公司业务发展的需要。本次公司向相关金 融机构申请授信额度，并为相关全资子公司、孙公司提供担保，有利于提高公司经济效益，符 合全体股东及公司整体利益；本次被担保对象不属于失信被执行人，经营状况良好，风险可控； 不存在损害公司及全体股东，特别是中小股东利益的情形。因此，同意公司向金融机构申请总 计不超过人民币（或等值外币）12 亿元 ...

证券时报e公司讯，奥飞娱乐(002292)11月26日晚间发布股票交易异动公告称，近期，"谷子经济"和"AI 应用"等相关事项备受市场关注。 公司重点围绕"年轻向"战略发展方向，聚焦资源布局泛人群，积极推进年轻向相关业务布局和落地，例 如尝试打造年轻向内容与品牌，加快拓展潮玩、卡牌、谷子周边等品类布局。 此外，公司积极推动"IP+AI"产业化落地。 上述相关业务目前仍处于早期发展阶段，存在一定的不确定性。 ...

重要提示： 1、经核查，公司、控股股东、实际控制人及其一致行动人不存在关于本公司的应披露而未 披露的重大事项，也不存在处于筹划阶段的重大事项； 2、公司相关主营业务经营情况正常，不存在内外部经营环境发生重大变化的情形； 3、鉴于公司股价近期波动幅度较大，敬请广大投资者注意二级市场交易风险，理性决策， 审慎投资。 证券代码：002292 证券简称：奥飞娱乐 公告编号：2024-044 一、股票交易异常波动的情况介绍 奥飞娱乐股份有限公司 股票交易异常波动公告 本公司及董事会全体人员保证信息披露的内容真实、准确和完整，没有虚假记载、误 导性陈述或者重大遗漏。 1、公司前期披露的信息不存在需要更正、补充之处。 2、公司未发现近期公共传媒报道了可能或已经对公司股票交易价格产生较大影响的未公开 重大信息。 近期，"谷子经济"和"AI 应用"等相关事项备受市场关注。如公司《2023 年年度报告》等 定期报告相关章节所述，公司重点围绕"年轻向"战略发展方向，聚焦资源布局泛人群，积极推 进年轻向相关业务布局和落地。例如尝试打造年轻向内容与品牌，加快拓展潮玩、卡牌、谷子周 边等品类布局，旨在满足年轻消费者的多样化需求。 此外， ...

Investment Rating - Buy rating (initiated coverage) [2] Core Views - Revenue remains stable with improved gross margin [2][3] - Focus on IP full industry chain development and AI-empowered product innovation [4][5] - Expected revenue for 2024-2026: 2.871 billion, 3.156 billion, and 3.605 billion yuan, respectively [6] - Expected net profit attributable to parent company for 2024-2026: 105 million, 176 million, and 256 million yuan, respectively [6] - PE ratios for 2024-2026: 106.94X, 63.96X, and 43.90X, respectively [6] Financial Performance - 2024Q3 revenue: 706 million yuan (YoY -1.91%, QoQ +7.81%) [2][3] - 2024Q3 net profit attributable to parent company: 16 million yuan (YoY -22.55%, QoQ +260.38%) [2][3] - 2024Q3 gross margin: 42.76% (YoY +5.97pct) [3] - 2024Q1-Q3 revenue: 2.011 billion yuan (YoY -0.45%) [3] - 2024Q1-Q3 net profit attributable to parent company: 71 million yuan (YoY -12.50%) [3] IP and AI Strategy - Full industry chain development of IP, covering all age groups and expanding new categories [4][5] - Key IPs include "Super Wings," "Pleasant Goat and Big Big Wolf," "Balala the Fairies," and "Armor Hero" [4] - AI-empowered products launched, including AI Super Wings blind box and AI smart products [5] - Future focus on AI+education and smart toy product architecture [5] Market Performance - Current price: 7.32 yuan [3] - 52-week price range: 5.03-11.41 yuan [3] - Total market capitalization: 10.824 billion yuan [3] - Free-float market capitalization: 7.451 billion yuan [3] - Average daily trading volume: 517.02 million yuan [1] Profitability and Valuation - 2024E ROE: 3% [7][9] - 2024E gross margin: 42% [9] - 2024E P/E: 106.94X [6][7] - 2024E P/B: 3.27X [7][9] - 2024E P/S: 3.91X [7][9]

Key Points Summary Industry or Company Involved - **Company**: A toy and entertainment company with a focus on IP-based products and services. Core Points and Arguments - **Revenue**: The company reported approximately 2 billion RMB in revenue for the first three quarters, which is in line with the previous year. - **Business Segments**: The company's main business segments include film, baby products, and toy sales. - **Growth**: The company's film segment experienced a slight increase of 3% year-on-year, while the toy sales segment faced some challenges due to project delays and product mix issues. - **Profitability**: The company achieved a profit of approximately 71 million RMB, with a non-operating profit margin that increased slightly year-on-year. - **Cash Flow**: The company's cash flow has been improving rapidly over the past few years. - **Strategic Changes**: The company has implemented a young-oriented strategy, focusing on IP development and industry expansion. - **IP Development**: The company has established an IP committee and is actively developing new products based on its own IPs and external IPs. - **Product Expansion**: The company is expanding its product categories, including card games, soft toys, and hard toys. - **Overseas Expansion**: The company's overseas business, particularly in North America, has been growing steadily and is expected to expand to other regions. - **IP + AI**: The company is exploring opportunities in the IP + AI field, including online AI digital humans and offline products. Other Important Points - **Research and Development**: The company has increased its R&D investment to develop new products and expand its business. - **Marketing and Sales**: The company has increased its marketing and sales expenses to support its business expansion. - **IP Licensing**: The company is actively seeking licensing opportunities for its IPs in various industries, including entertainment, tourism, and education. - **Collaborations**: The company is exploring business collaboration opportunities with major telecommunications operators and other companies. References - [1] - [2] - [3] - [4] - [5] - [6] - [7] - [8] - [9] - [10] - [11] - [12] - [13] - [14] - [15] - [16] - [17] - [18] - [19] - [20] - [21] - [22] - [23] - [24] - [25] - [26] - [27] - [28] - [29]

证券代码：002292 证券简称：奥飞娱乐 编号：2024-003 奥飞娱乐股份有限公司 投资者关系活动记录表 | --- | --- | --- | --- | |-----------------------------|----------------------------|--------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | 投资者关系活动 | □特定对象调研 □分析师会议 | | | | 类别 | □媒体采访 □业绩说明会 | | | ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown a continuous improvement in gross margin, with a Q3 2024 gross margin of 42.76%, an increase of 2.78 percentage points year-on-year. This improvement is attributed to refined operational management [1][2] - Despite a slight decline in revenue and net profit in Q3 2024, the company is expected to benefit from the orderly launch of new toy products, particularly those developed in-house and through licensing agreements [1][3] - The forecast for net profit for 2024-2026 has been adjusted downwards, with expected figures of 127 million, 227 million, and 311 million yuan respectively, compared to previous estimates of 205 million, 314 million, and 411 million yuan [1] Financial Performance Summary - In Q3 2024, the company achieved revenue of 706 million yuan, a year-on-year decrease of 1.91%, and a net profit of 16.24 million yuan, down 22.55% year-on-year. The net profit excluding non-recurring items was 10.68 million yuan, a decrease of 16.31% year-on-year [1] - For the first three quarters of 2024, the company reported total revenue of 2.011 billion yuan, a slight decrease of 0.45% year-on-year, and a net profit of 71.244 million yuan, down 12.50% year-on-year. The net profit excluding non-recurring items increased by 14.34% year-on-year to 71.855 million yuan [1] - The company’s cash flow from operating activities for the first three quarters of 2024 was 176 million yuan, a significant increase of 677.91% year-on-year, primarily due to increased cash received from sales of goods and services [2] Product Development and Strategy - The company is actively enriching its product line with a dual approach of self-developed and licensed IPs. Upcoming product launches include new toys based on popular IPs such as "Armored Warrior" and "Transformers" [3] - The company plans to introduce AI-related products, including "Sleep AI Pleasant Goat" and other smart toys, which are expected to enhance its product offerings and drive revenue growth [3]